The Musical Youth Company of Oxford Charity number 1004081 Annual report and accounts For the year to July 31[st] 2021 Wq7114ZI Creditvry J115 FundU&icerknedth¥d Id&iWotsb 3o/ofl/loL 511 (4mplf4 L070 1S91 >452S 75 ]6 ￿1 I￿76 (ornpubni&wob*te 297 nkCJbwy5 17361 15.17 16.844 9FAaa W•71*t• 5p•h*JrthiP (hwityc￿lÉtbths 495 thlinRhirn OV05 Moodi Pubmdiv 5B7 Lg11 Wlv u(￿(e Ubs￿dI￿OreI 4ndEqvlwN￿￿ Prpp5 17U I24.3￿] rickrt&Ws4 MYCO Trea5urerfs Report relatlng to the ACCOUNTS tojuty 31" 2021 and BUDG￿ to July 31st 2022 MYCO'S AccouNfs to Juty 31st 2021 Overall this year MYCO made a loss of £5.595. The ComTnittee decided to use some of our reserves to subsidise our performarices, in line wtth our charttable purposes. Our expenditure also include5 a prepayment of £1,7LK) towards our prowsed show for 2022. We are carrying forward a Fund Balance of £97.430 to the next year. Now that the Chartty is in a strong financial position. complies with all Chartty Commission regulations (including being able to set aside the requI￿d level of reserves). we no longer need to accumulate profit. Therefore. we wish to spend our income each year on existing members. For the 2021122 period, we also need to retain an increased level of funds to cover any unexperted 5ttuations given the unpredictability of theatre-based artivities, costs and income in light of the Covid-19 pandemic. This is especially relevant given that insurers are unable to cover any losses incurred due to Covid-19 going forward. We anticipate that our current fund balance would fully cover our costs for 202V22 should that need arise. MYCO'S nomial main income streams include- Membership subscriptioris. This year, we delayed collecting fees, mindful of changes in our activtty schedule caused by the impact of the pandemic. As a result, we did not bill for membership subs during the year lalthough we did receive residual payments of £4.511 from the membership subscription billing in the previous financial yearl. This income helped to underpin the costs of our ongoing activities. Membership fees will be collected after we have held auditions for new members in September 2021 and we plan to resume our normal annual schedule of collection in April 2022. These two collections of fees lin September 2021 and April 20221 will resu￿ in a fijrther c£31.625 to be used for ongoing expenditure. Donations and Gift Aid. Thi5 amounted to £27,851 this year= £2,078 in donations from individual supporters and Friends of MYCO- £20.682 from O￿anISatIOnS lincluding £250 from a local church- £5(M) for MYCO'S OLrtreach work from the UnNersity ofoxford's Small Community Grant Scheme: £19,932 from the Postcode Society Trust): and £5.091 in Gift Aid. ricket sales for our shows. In a nomial year, these account for roughly half of MYCO'S total income. This year, as a result of the pandemic, we were unable to fulfil our plans to perform in a standard theat￿. However. we were very fortunate to be able to stage two performances of a summer concert in a bam- an outdoor facility. We received £4.641 from tbcket sales and an additional £3CX) in programme advertising incorne. MYCO'S nomial main expenditijre includes= Show costs, including: venue hire and Se￿iceS costumes. lighting. sound, equipwnent, orchestra and sets rehearsal costs. such as rehearsal venue hire, and pkAnist fees expenses to covertravel costs etc for Directors This year these totalled £24.260. Administrative fees. which cost £6.0(KJ. Training workshops. This year, these were held online. including a series of intensive training workshops run by former members now working professionally in musical theatre. These cost £750. Insurance, which cost £1.636. Attention should also be drawn in the Accounts to the following: During the year we needed to find a￿ernatIve storage arrangements for costumes, props and equipment. This had an in-year cost of £7.493. MYCO established a new Oijtreach Programme in 2019 to make our perfomiances. and Musical Theatre in general. accessible to young people from all background5. While some of this needed to be postwjned in 2020/21 a5 a result of the coronavirus. our outreach group did run several well- received workshops in school& Travel and subsistence costs for these activities were covered by a charitable grant. We organised an online coifection with the proceeds split 50150 between MYCO and our designated external charity. which is chosen by the members every year. This year. the collection ￿sUlted in donation of £310 being made to 'Blueprint for All. Iformedy the Stephen Lawrence Charitable Ttustl. We have spent £1.700 on our forthcoming produttion of 'Legally Blonde. which is due to be staged at the Oxford Playhouse in April 2022. MYCO would like to thank all of our supporters, including the UnNersity of Oxford and the Postcode Society Trust. SUPPORTED BY PEOPLE'Sll . UNIVERSITY OF POSTCODE SOCIETY | OXFORD LOTTERY •TRUST COMMUNITY GRANT NOTES ON MYCO'S BUDG￿ to July 31" 2022 Attention should also be drawn in the Budget to the following: As mentioned above, insurers are not covering the possible losses that may be incurred by the need to cancel performances for any Covid-related ￿asonS. Therefore, we need to keep enough in reserve to cover for any p.ossible losses. It is not possible to predict wfth the normal level of assurance what the income will be from our shows, given the ongoing effects of the pandemic on theatre performances. For this rea50n, we are aiming to keep ￿SelVeS to meet the possibility of covering our fijll expenses. VAT is now being charged on venue hire for hiring the Oxford Playhouse. We are investigatin8 options to mttigate this cost. MYCO is planning additional online workshop5 this year. buoyed by the success of zoom workshops over the past year. We intend to continue our successful Outreach actwities during 2022. We are continuing to expand our income sources to include charitable support, includin8 seeking support via the Lottery. ## **Independent Examiner's Report to the Trustees of The Musical Youth Company of Oxford** I report to the trustees on my examination of the accounts of The Musical Youth Company of Oxford (The Charity), charity number 100481 for the year ended 31 July 2021 which are set out on pages 1 to 5. ## **Responsibilities and basis of report** As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act"). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable directions given by the Charirty Commission under section 145(5)(b) of the Act. My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in any material respect: - accounting records were not kept in accordance with Section 130 of the Act, or - the accounts do not accord with the accounting records I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. Date 08/10/2021 ## Rodney Style R H Style ACA Sterling House 19/23 High Street Kidlington Oxford OX5 2DH